Washington Trust Bancorp, Inc. (NASDAQ:WASH) Given Average Recommendation of “Hold” by Analysts

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) have received a consensus rating of “Hold” from the five analysts that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $31.3333.

A number of research analysts have commented on WASH shares. Zacks Research upgraded shares of Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 29th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Washington Trust Bancorp in a research report on Wednesday, January 21st. Piper Sandler set a $32.00 price objective on shares of Washington Trust Bancorp in a research report on Thursday, January 29th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the stock a “market perform” rating in a research note on Friday, January 30th.

Hedge Funds Weigh In On Washington Trust Bancorp

Several institutional investors and hedge funds have recently modified their holdings of WASH. Foster Dykema Cabot & Partners LLC acquired a new stake in Washington Trust Bancorp in the 3rd quarter worth about $27,000. EverSource Wealth Advisors LLC increased its position in Washington Trust Bancorp by 114.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 542 shares during the last quarter. AlphaQuest LLC acquired a new stake in Washington Trust Bancorp during the 2nd quarter worth approximately $33,000. Federated Hermes Inc. boosted its holdings in Washington Trust Bancorp by 24.6% in the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock valued at $60,000 after purchasing an additional 420 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in Washington Trust Bancorp by 200.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock valued at $67,000 after purchasing an additional 1,578 shares in the last quarter. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Stock Performance

Shares of WASH opened at $35.90 on Monday. Washington Trust Bancorp has a 1 year low of $24.95 and a 1 year high of $37.08. The stock has a 50-day simple moving average of $31.55 and a 200-day simple moving average of $29.49. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.01 and a current ratio of 1.02. The stock has a market capitalization of $683.18 million, a PE ratio of 13.30, a PEG ratio of 0.75 and a beta of 0.86.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Wednesday, January 28th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.08. The business had revenue of $59.25 million for the quarter, compared to the consensus estimate of $56.38 million. Washington Trust Bancorp had a return on equity of 9.83% and a net margin of 13.26%. On average, analysts predict that Washington Trust Bancorp will post 2.76 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 14th. Investors of record on Friday, January 2nd were given a $0.56 dividend. The ex-dividend date was Friday, January 2nd. This represents a $2.24 annualized dividend and a dividend yield of 6.2%. Washington Trust Bancorp’s payout ratio is currently 82.96%.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company’s core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.